Abu Dhabi – Mubasher: The assets of the Islamic banks in the UAE rose 3.2% or by AED 16 billion ($4.36 billion) to reach AED 521.5 billion ($142 billion) in the first quarter in 2017, compared to AED 505.5 billion ($137.65 billion) by the end of December 2016.
The UAE’s 50 conventional banks’ assets increased by 1% reaching AED 2.126 trillion, according to a statement by the Central Bank of the UAE.
In February, Islamic banks’ assets amounted to AED 512.4 billion, while conventional banks’ assets reached AED 2.114 trillion.
Islamic banks’ financing was focused on the private sector, which acquired AED 5.1 billion of the new loans in Q1-17, the statement showed, noting that these banks increased their investments by 3.8% or AED 2.2 billion in the first three months of the year, and by 1.8% in March to AED 60.6 billion.
Investments were mainly pumped into bonds held up to maturity, which increased to AED 40.9 billion by the end March from AED 38.7 billion by the end of December 2016.
